Redefining luxury

Last updated: 13 May, 2010

TRENDS

As the clouds of recession melt away, the realty sector seems to be improving. In fact realtors are offering projects that are ultra premium and are redefining the word luxury. Bindu Gopal Rao examines the trend.

Cushman & Wakefield and Saffronart have recently launched the first ever public platform in India for sales and auctions of prime residential properties. Through this new initiative, Prime Properties, Saffronart and Cushman & Wakefield will offer a trusted online sales and auction platform to the premium residential market giving owners an opportunity to realise the appropriate value for their assets while allowing some of the most exclusive luxury homes to be made available for sale. Fancy homes, fancy pricesAcross the country, there have been numerous premium projects that have been launched to cater to a segment that has been largely untapped. Also the kind of amenities that are tied in with these apartments justify the fancy price tag they come with. Supreme Signature located in Union Park, Chembur, has 4-BHK signature homes with contemporary architecture and equipped with amenities such as double height entrance lobby, swimming pool, health spa with sauna and massage room, banquet facilities and a terrace sky lounge. VDB Cardinal at Bangalore has an individual pool with equipment in every apartment, individual split air conditioners in all bedrooms apart from a host of high-end bathroom and electrical fittings.

The external finish is in exposed concrete with the lap pools being shaded with an exclusively designed wooden slatted openable shutter system. “Indira Nagar is a highly sought-after location and it is believed that it deserved the kind of luxury that we are providing in the development. There are only ten apartments,” says Koshy Varghese, Managing Director, Value Designbuild Pvt. Ltd.

Skyline Villa Maria located off Brigade Road is another “By Invitation” apartment proposed to be priced between Rs 12 – 22 crore. Ample use of stone, wood and water in each apartment with large open terraces, gardens and private plunge pools will be part of each of the six apartments varying between 6,500 and 10,500 square feet. Says Avinash Prabhu, Managing Director, Skyline Constructions, “our aim with regard to Skyline Villa Maria was to create an exclusive residential space that raised the level of high quality living to a different plane and offer amenities and features that have hitherto never been witnessed in the city.”A golf course too!The Prestige Group who have been developing luxury apartments and villas for several decades now have launched Prestige Golfshire, a unique golfing enclave located just below the Nandi Hills that includes a 18-hole championship standard golf course and The Marriott Hotel. The other project Prestige White Meadows comprises 214 sky villas in four high rise towers of up to 27 floors and 66 independent bungalows. Homes are designed as ‘Villas in the Sky’, thus marrying the twin benefits of undisturbed privacy and high-rise splendour. This ethereal experience is enhanced in the Triplex homes, located on the upper three levels of the towers, which have ‘floating’ swimming pools.

Opines Brotin Banerjee, CEO and MD, Tata Housing Development Company Limited, “when it comes to luxurious living, Privé is everything money can’t buy in a congested city – natural landscapes, breathtaking views and a delicious sense of calm. By invitation tagNestled in the foothills of Lonavala and located in close proximity of the Mumbai Pune Express highway, Privé offers 73 contemporary designed luxury villas priced between Rs three and seven crore, ranging from 3900 sq.ft. to 10,000 sq.ft.” Lodha’s luxury “by invitation only project” at Hyderabad, Lodha Bellezza Villas has three bed spa villas and four bed sky villas and facilities include a helipad, wi-fi, meditation pavilions and 24 / 7 multi-level security system.

Says R Karthik, Sr. VP Marketing, Lodha Developers Ltd, “the emergence of Hyderabad as a leading IT destination and high disposable incomes has spurred the growth of luxurious homes exponentially in this southern city. It is this need of the aspirant populace of Hyderabad that the spa villas by Lodha Bellezza strive to meet. Here, you have the privacy of your own villa, the lifestyle of a plush resort, the security of a gated community, and the advantage of having likeminded individuals as neighbours.”

More trendsReal estate in India is touching new heights because of the mushrooming demand for property. However the growth in this sector depends on the policies adopted by the government to facilitate investments in the economic and industrial sector. Real estate has also seen traction in terms of FDI. Due to relaxed FDI rules, there has been a sudden change in investment policies.

Says Sibi Samuel, Senior Property Specialist, Agni Properties, “the main reason for this pricing is due to the cost of the land. The builder at the outset obtains the land at such a high cost and hence the re-sale price too becomes steep.

Due to space crunch, most of the realty projects in Mumbai are now coming up on mill lands. As the cost of land acquisition is high, the builder apparently targets the HNI clientele who can afford such aristocratic apartments. As the builder is targeting HNI clients, luxury is the theme for all these projects and the builder offers the clients with all possible amenities.” Tagging a product ‘by invitation only’, has mostly been a marketing strategy to create hype for the product attracting a certain segment of society only. “This was employed in order to create a USP and in certain cases add aspirational value. However, more recently we have seen that the users have developed immunity for such marketing. The only products which are able to sustain this tag are those that are completely new and innovative in terms of designs and innovative and amenities which have extremely high brand values attached. Most of these products are usually located in areas which command a premium.

Factors such as per unit size of the product, interior quality, and the facilities define them as luxury, example a golf course property etc. Also critically, the inventory in such developments has to be limited (not going beyond 250 apartments) in the development,” says Shveta Jain, Director, Residential Services Cushman & Wakefield. Incidentally as per a Cushman & Wakefield market research report, the residential market witnessed stability or marginal correction in the range of 2-10 per cent in the high-end capital values across major locations over last year.

The demand for this niche segment however is still strong; yet the segment needs a unique marketing strategy to realise its true potential. So if you have really deep pockets check out these homes – they redefine the word luxury!

HOW’S THIS FOR LUXURY?

Skyline Villa Maria, off Brigade Road, is a “By Invitation” apartment proposed to be priced between Rs 12 and 22 crore.

Prestige White Meadows comprises 214 sky villas in four high rise towers of up to 27 floors and 66 independent bungalows. These homes are designed as ‘Villas in the Sky’.

VDB Cardinal, Bangalore has an individual pool with equipment in each apartment, split air conditioners in all bedrooms apart from a host of high-end bathroom and electrical fittings.